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CF Canlife Global High Yield Bond Fund
a sub-fund of CF Canada Life Investments Fund
ACD’s Interim Unaudited Short Report
for the half year ended 15 February 2017
Investment Objective and Policy
The CF Canlife Global High Yield Bond Fund (‘the Fund’) seeks to achieve a high current income
and, as a secondary objective, capital growth (when consistent with the objective of high current
income), by permanently investing not less than 85% of its assets in units of the Putnam Global
High Yield Bond Fund.
While it is envisaged that the Fund will normally be fully invested in the Putnam Global High
Yield Bond Fund, the Fund may also hold up to 15% of its assets in cash or near cash.
Additional information in relation to the Putnam Global High Yield Bond Fund is presented
below.
Information Regarding Putnam Global High Yield Bond Fund
The below is a summary description only of Putnam Global High Yield Bond Fund in which the
Fund invests not less than 85% of its assets. For further information in relation to the Putnam
Global High Yield Bond Fund, shareholders should refer to the Prospectus of the Putnam World
Trust which is available on request (free of charge) from the ACD.
The Putnam Global High Yield Bond Fund is a sub-fund of Putnam World Trust, which is an
umbrella unit trust and a UCITS scheme established and organised under the laws of Ireland
pursuant to the European Communities (Undertakings for Collective Investment in Transferable
Securities) Regulations, 2011, and is authorised by the Central Bank of Ireland.
The Manager of the Putnam Global High Yield Bond Fund is Putnam Investments (Ireland)
Limited. The Trustee of the Putnam Global High Yield Bond Fund is State Street Custodial
Services (Ireland) Limited. The Manager has delegated performance of the investment
management function in relation to the Putnam High Yield Bond Fund to the Putnam
Investment Advisor, The Putnam Advisory Company, LLC (hereinafter the ‘Putnam Investment
Advisor’).
The Putnam Global High Yield Bond Fund has been authorised by the Central Bank of Ireland
as a master UCITS within the meaning of the relevant provisions of the UCITS Directive. It must
therefore at all times have at least one feeder UCITS among its unitholders and it must not itself
become a feeder UCITS or invest in a feeder UCITS.
CF Canlife Global High Yield Bond Fund
1
Investment Objective and Policy of the Putnam Global High Yield Bond Fund
The Putnam Global High Yield Bond Fund’s investment objective is to seek high current income.
Capital growth is a secondary objective when consistent with the objective of high current
income.
The Putnam Global High Yield Bond Fund seeks to achieve this objective by investing at
least two-thirds of its total assets (after deduction of ancillary liquid assets) in high-yielding,
lower-rated debt securities worldwide such as those rated lower than S&P’s BBB or Moody’s
Baa and listed or traded on Recognised Exchanges (including unleveraged freely transferable
loan participations securitised and traded on a Recognised Exchange, zero-coupon bonds
and payment-in-kind bonds) constituting a portfolio which the Putnam Investment Advisor
believes does not involve undue risk to income or principal. Normally, at least 80% of the
Putnam Global High Yield Bond Fund’s assets will be invested in debt securities (such as (i)
corporate and public utility debt securities (including treasury paper, commercial paper and
convertible bonds), (ii) asset-backed and mortgage-backed securities (iii) debt securities issued
or guaranteed by national governments and their agencies, instrumentalities and political sub
divisions and (iv) debt securities issued or guaranteed by supranational organisations including,
without limitation, the World Bank and the European Investment Bank (including treasury paper,
commercial paper and convertible bonds)), convertible securities, or preferred stocks listed or
traded on Recognised Exchanges that are consistent with its primary investment objective of
high current income. The Putnam Global High Yield Bond Fund’s remaining assets may be held in
ancillary liquid assets or invested in common stocks and other equity securities listed or traded
on Recognised Exchanges when these types of investments are consistent with the objective of
high current income.
Accounting and Distribution Dates
Interim
Final
Accounting
Distribution
15 February
15 August
15 April
15 October
Risk and Reward Profile
Typically lower rewards
Typically higher rewards
Lower risk
1
Higher risk
2
3
4
5
6
7
This indicator shows how much a fund has risen and fallen in the past, and therefore how much a
fund’s returns have varied. It is a measure of a fund’s volatility. The higher a fund’s past volatility
the higher the number on the scale and the greater the risk that investors in that fund may have
made losses as well as gains. The lowest number on the scale does not mean that a fund is risk
free.
The Fund has been classed as 4 because its volatility has been measured as average.
This indicator is based on historical data and may not be a reliable indication of the future risk
profile of this Fund.
The risk and reward profile shown is not guaranteed to remain the same and may shift over time.
Fixed interest securities are affected by trends in interest rates and inflation. If interest rates
go up the value of capital may fall and vice versa. Inflation will also decrease the real value of
capital. The value of a fixed interest security is also affected by its credit rating.
Liquidity Risk: The lack of an active market for some investments in the Master Fund means they
may be more difficult to buy and sell and their prices may also be subject to large short term
swings.
Counterparty Risk: As the Master Fund may enter into derivative agreements, there is a risk
that other parties may fail to meet their obligations leading to delays in receiving amounts due
or receiving less than is due. Derivatives are complex instruments which may result in gains or
losses that are greater than the original amount invested.
Emerging Market Risk: Emerging markets may be less liquid and transparent, volatile and subject
to less oversight.
For full details of the Fund’s risks, please see the Prospectus which may be obtained upon
application and can be found on the ACD’s website, www.capitafinancial.com, by following the
link ‘Fund Information’.
Comparative Tables
Information for 15 February 2017 relates to the 6 month period ending 15 February 2017. The
operating charges relate to the expenses incurred on an ex post basis over the 6 month period
ending 15 February 2017, expressed as an annualised percentage of the average net asset value.
Where the Fund has significant investment in collective investment schemes, the operating
charges take account of the ongoing charges incurred in the underlying schemes, calculated as
the expense value of such holdings at the period end weighted against the net asset value of the
share class at that date.
2
CF Canlife Global High Yield Bond Fund
CF Canlife Global High Yield Bond Fund
3
Comparative Tables (continued)
COMPARATIVE TABLES (continued)
15.02.17
(p/share)
15.08.16
(p/share)
15.08.15
(p/share)
15.08.141
(p/share)
‘A’ Accumulation shares
‘B’ Income shares
Change in net assets per share
Change in net assets per share
Opening net asset value per share
107.36
102.97
Return before operating charges*
4.89
7.38
(1.07)
3.82
Operating charges
Return after operating charges
Distributions
Retained distributions on
accumulation shares
Closing net asset value per share
* after direct transaction costs of:
4
106.46
103.02
100.00
96.32
(0.70)
9.37
Return before operating charges*
4.41
6.60
(0.68)
9.56
(1.99)
(1.91)
(2.07)
(0.72)
(1.37)
(1.33)
(1.47)
5.39
(2.61)
7.30
3.69
5.23
(2.01)
8.09
(5.07)
(4.99)
(4.36)
(4.21)
2.72
3.99
3.48
3.37
111.18
107.36
102.97
106.46
–
–
–
–
Operating charges
Return after operating charges
5.23%
(2.45)%
7.30%
(2.74)
(5.09)
(4.69)
Closing net asset value per share
97.41
96.46
96.32
103.02
–
–
–
–
3.83%
5.43%
(1.95)%
8.09%
* after direct transaction costs of:
Performance
Other Information
Closing net asset value (£’000)
106
95
26
16
95,833
88,442
24,939
14,567
Operating charges3
1.97%
1.95%
1.85%
2.14%2
–
–
–
–
Prices
Highest share price
111.29
107.17
107.23
107.71
Lowest share price
106.64
91.89
100.52
99.91
4
Distributions
Return after charges
Closing number of shares
Direct transaction costs
15.08.141
(p/share)
96.46
Other Information
Closing net asset value (£’000)
15.08.15
(p/share)
Opening net asset value per share
(2.72)
3.56%
15.08.16
(p/share)
100.00
Performance
Return after charges
15.02.17
(p/share)
40
32
16
4
Closing number of shares
40,646
33,400
16,274
3,678
Operating charges3
1.47%
1.45%
1.35%
1.64%2
–
–
–
–
Highest share price
100.25
98.57
103.79
106.16
Lowest share price
96.32
84.74
97.40
99.91
Direct transaction costs
Prices
1
From 18 September 2013.
Annualised figure due to share class launched less than 1 year.
3
Included in the aggregate operating charges is the Annual Management Charge for Class ‘S’ shares
in the Putnam Global High Yield Bond Fund, in which the Fund invests is 0.65%. However, as part
of the Master-Feeder agreement 0.20% is currently rebated to the Fund (prior to 1 April 2016
0.35% was rebated). Also included in the aggregate operating charges, as a part of the MasterFeeder agreement, are the non-management expenses of the Putnam Master Fund which are
capped at 0.30%.
4
All interest distributions payable after 6 April 2017 will be paid gross.
2
1
From 18 September 2013.
Annualised figure due to share class launched less than 1 year.
3
Included in the aggregate operating charges is the Annual Management Charge for Class ‘S’ shares
in the Putnam Global High Yield Bond Fund, in which the Fund invests is 0.65%. However, as part
of the Master-Feeder agreement 0.20% is currently rebated to the Fund (prior to 1 April 2016
0.35% was rebated). Also included in the aggregate operating charges, as a part of the MasterFeeder agreement, are the non-management expenses of the Putnam Master Fund which are
capped at 0.30%.
4
All interest distributions payable after 6 April 2017 will be paid gross.
2
4
CF Canlife Global High Yield Bond Fund
CF Canlife Global High Yield Bond Fund
5
Comparative Tables (continued)
COMPARATIVE TABLES (continued)
15.02.17
(p/share)
15.08.16
(p/share)
15.08.15
(p/share)
15.08.141
(p/share)
‘B’ Accumulation shares
‘C’ Income shares
Change in net assets per share
Change in net assets per share
Opening net asset value per share
108.83
103.95
Return before operating charges*
4.97
7.50
(0.81)
4.16
Operating charges
Return after operating charges
Distributions
Retained distributions on
accumulation shares
Closing net asset value per share
* after direct transaction costs of:
4
107.05
Operating charges3
Direct transaction costs
103.02
100.00
96.35
(0.71)
9.67
Return before operating charges*
4.45
6.58
(0.66)
9.58
(1.51)
(1.41)
(1.60)
(0.60)
(1.14)
(1.08)
(1.30)
5.99
(2.12)
8.07
3.85
5.44
(1.74)
8.28
(5.26)
(5.56)
(4.89)
(5.09)
2.60
4.45
3.91
4.07
112.99
108.83
103.95
107.05
–
–
–
–
Operating charges
Return after operating charges
(2.82)
(5.32)
(4.93)
Closing net asset value per share
97.50
96.47
96.35
103.02
–
–
–
–
3.99%
5.65%
(1.69)%
8.28%
* after direct transaction costs of:
Performance
Return after charges
5.76%
(1.98)%
8.07%
Other Information
Closing net asset value (£’000)
–
33
24
74
250
30,567
23,101
69,630
1.47%
1.45%
1.35%
1.64%2
–
–
–
–
Prices
Highest share price
113.10
108.63
107.85
108.24
Lowest share price
108.27
92.95
101.21
99.91
4
Distributions
1,230
906
783
540
1,261,227
939,106
813,206
523,835
1.22%
1.20%
1.10%
1.39%2
–
–
–
–
Highest share price
100.42
98.68
103.75
106.21
Lowest share price
96.40
84.75
97.49
99.91
Closing number of shares
Closing number of shares
15.08.141
(p/share)
96.47
Other Information
Closing net asset value (£’000)
15.08.15
(p/share)
Opening net asset value per share
(2.60)
3.82%
15.08.16
(p/share)
100.00
Performance
Return after charges
15.02.17
(p/share)
Operating charges3
Direct transaction costs
Prices
1
From 18 September 2013.
Annualised figure due to share class launched less than 1 year.
3
Included in the aggregate operating charges is the Annual Management Charge for Class ‘S’ shares
in the Putnam Global High Yield Bond Fund, in which the Fund invests is 0.65%. However, as part
of the Master-Feeder agreement 0.20% is currently rebated to the Fund (prior to 1 April 2016
0.35% was rebated). Also included in the aggregate operating charges, as a part of the MasterFeeder agreement, are the non-management expenses of the Putnam Master Fund which are
capped at 0.30%.
4
All interest distributions payable after 6 April 2017 will be paid gross.
2
1
From 18 September 2013.
Annualised figure due to share class launched less than 1 year.
3
Included in the aggregate operating charges is the Annual Management Charge for Class ‘S’ shares
in the Putnam Global High Yield Bond Fund, in which the Fund invests is 0.65%. However, as part
of the Master-Feeder agreement 0.20% is currently rebated to the Fund (prior to 1 April 2016
0.35% was rebated). Also included in the aggregate operating charges, as a part of the MasterFeeder agreement, are the non-management expenses of the Putnam Master Fund which are
capped at 0.30%.
4
All interest distributions payable after 6 April 2017 will be paid gross.
2
6
CF Canlife Global High Yield Bond Fund
CF Canlife Global High Yield Bond Fund
7
Comparative Tables (continued)
COMPARATIVE TABLES (continued)
15.02.17
(p/share)
15.08.16
(p/share)
15.08.15
(p/share)
15.08.141
(p/share)
‘C’ Accumulation shares
‘G’ Accumulation shares
Change in net assets per share
Change in net assets per share
Opening net asset value per share
109.46
104.36
Return before operating charges*
5.01
7.53
(0.68)
4.33
Operating charges
Return after operating charges
Distributions
Retained distributions on
accumulation shares
Closing net asset value per share
* after direct transaction costs of:
4
(3.18)
Closing number of shares
Operating charges3
Direct transaction costs
107.28
100.00
104.59
(0.72)
9.67
Return before operating charges*
5.04
7.57
(0.71)
9.48
(1.26)
(1.15)
(1.35)
(0.54)
(1.01)
(0.89)
(1.13)
6.27
(1.87)
8.32
4.50
6.56
(1.60)
8.35
(3.33)
(6.12)
(5.46)
(5.36)
3.33
4.89
4.37
4.29
114.42
109.92
104.59
107.28
–
–
–
–
4.09%
6.27%
(1.49)%
8.35%
(5.19)
(5.32)
3.18
4.67
4.16
4.26
113.79
109.46
104.36
107.26
–
–
–
–
Operating charges
Return after operating charges
Distributions
Retained distributions on
accumulation shares
Closing net asset value per share
* after direct transaction costs of:
4
Performance
3.96%
6.01%
(1.74)%
8.32%
Return after charges
Other Information
4,127
3,899
2,564
350
3,626,521
3,561,350
2,456,620
326,065
1.22%
1.20%
1.10%
1.39%2
–
–
–
–
Prices
Closing net asset value (£’000)
Closing number of shares
Operating charges3
Direct transaction costs
31,366
29,381
26,455
16,936
27,414,210
26,728,448
25,293,498
15,786,681
0.97%
0.95%
0.85%
1.14%2
–
–
–
–
Prices
Highest share price
113.91
109.26
108.07
108.42
Highest share price
114.53
109.71
108.11
108.42
Lowest share price
108.93
93.40
101.48
99.91
Lowest share price
109.41
93.70
101.57
99.91
1
1
2
2
From 18 September 2013.
Annualised figure due to share class launched less than 1 year.
3
Included in the aggregate operating charges is the Annual Management Charge for Class ‘S’ shares
in the Putnam Global High Yield Bond Fund, in which the Fund invests is 0.65%. However, as part
of the Master-Feeder agreement 0.20% is currently rebated to the Fund (prior to 1 April 2016
0.35% was rebated). Also included in the aggregate operating charges, as a part of the MasterFeeder agreement, are the non-management expenses of the Putnam Master Fund which are
capped at 0.30%.
4
All interest distributions payable after 6 April 2017 will be paid gross.
8
15.08.141
(p/share)
109.92
Other Information
Closing net asset value (£’000)
15.08.15
(p/share)
Opening net asset value per share
Performance
Return after charges
15.08.16
(p/share)
100.00
(5.84)
107.26
15.02.17
(p/share)
CF Canlife Global High Yield Bond Fund
From 18 September 2013.
Annualised figure due to share class launched less than 1 year.
3
Included in the aggregate operating charges is the Annual Management Charge for Class ‘S’ shares
in the Putnam Global High Yield Bond Fund, in which the Fund invests is 0.65%. However, as part
of the Master-Feeder agreement 0.20% is currently rebated to the Fund (prior to 1 April 2016
0.35% was rebated). Also included in the aggregate operating charges, as a part of the MasterFeeder agreement, are the non-management expenses of the Putnam Master Fund which are
capped at 0.30%.
4
All interest distributions payable after 6 April 2017 will be paid gross.
CF Canlife Global High Yield Bond Fund
9
Comparative Tables (continued)
Fund Performance to 15 February 2017 (%)
15.02.17
(p/share)
15.08.161
(p/share)
6 months
1 year
3 years
Since
launch*
4.12
21.68
7.91
13.10
‘S’ Accumulation shares
CF Canlife Global High Yield Bond Fund
Change in net assets per share
Opening net asset value per share
105.64
100.00
Return before operating charges*
4.83
7.70
(0.60)
(1.07)
4.23
6.63
(3.15)4
(4.95)
3.15
3.96
109.87
105.64
–
–
4.00%
6.63%
Operating charges
Return after operating charges
Distributions
Retained distributions on
accumulation shares
Closing net asset value per share
* after direct transaction costs of:
* Launch date 18 September 2013.
The performance of the Fund is based on the published price per ‘B’ Accumulation share which
includes reinvested income.
The performance of the Fund disclosed in the above table may differ from the ‘Return after
charges’ disclosed in the Comparative Table due to the above performance being calculated
on the latest published price prior to the period end, rather than the period end return after
operating charges.
Risk Warning
Please remember that past performance should not be seen as a guide to future performance
and that the value of an investment and the income from it can fall as well as rise and may be
affected by exchange rate variations.
Performance
Return after charges
Other Information
Closing net asset value (£’000)
912
788
830,542
745,997
1.12%
1.10%2
–
–
Highest share price
109.99
105.44
Lowest share price
105.14
90.11
Closing number of shares
Operating charges3
Direct transaction costs
Prices
1
From 17 September 2015.
Annualised figure due to share class launched less than 1 year.
3
Included in the aggregate operating charges is the Annual Management Charge for Class ‘S’ shares
in the Putnam Global High Yield Bond Fund, in which the Fund invests is 0.65%. However, as part
of the Master-Feeder agreement 0.20% is currently rebated to the Fund (prior to 1 April 2016
0.35% was rebated). Also included in the aggregate operating charges, as a part of the MasterFeeder agreement, are the non-management expenses of the Putnam Master Fund which are
capped at 0.30%.
4
All interest distributions payable after 6 April 2017 will be paid gross.
2
10
CF Canlife Global High Yield Bond Fund
CF Canlife Global High Yield Bond Fund
11
ACD’S REPORT
for the half year ended 15 February 2017
Sector Spread of Investments
Important Information
With effect from 16 August 2016, the fund accounting of the Fund has changed from Capita
Financial Administrators Limited to the Bank of New York Mellon (International) Limited.
Net other assets 0.64% (0.66%)
Please be advised that Capita Financial Managers Limited will no longer produce and send the
interim and annual short report to investors following a change in regulation.
The full set of annual and interim Report and Financial Statements will remain available to all
investors on our website (www.capitafinancial.com) and also upon request at our head office,
40 Dukes Place, London EC3A 7NH.
Capita Financial Managers Limited
ACD of CF Canlife Global High Yield Bond Fund
7 April 2017
Bond Funds 99.36% (99.34%)
The figures in brackets show allocations at 15 August 2016.
Major Holdings
The holdings at the end of each period are shown below.
Holding
% of Fund Holding
as at 15.02.17
Putnam Global High Yield Bond
‘S’ class
12
% of Fund
as at 15.08.16
99.36 Putnam Global High Yield Bond
‘S’ class
99.34
CF Canlife Global High Yield Bond Fund
CF Canlife Global High Yield Bond Fund
13
INVESTMENT MANAGER’S REPORT
Investment Manager’s Report (continued)
for the half year ended 15 February 2017
The CF Canlife Global High Yield Bond Fund (the ‘Feeder Fund’) invests in the Putnam Global
High Yield Bond Fund (the ‘Master Fund’) through a master-feeder structure. The Feeder Fund
must invest at least 85% in value of its assets in the Master Fund and throughout the review
period it was effectively wholly invested in the Master Fund. The below investment review
relates to the Master Fund.
Market Highlights
The high yield market performed well throughout the reporting period. General market themes
of dovish central bank policy, higher commodity prices, and a global search for yield acted as a
tailwind for risk assets including high yield.
Overall volatility was very low throughout August, which benefited high yield spreads. In
September, global central banks reassured the market of their accommodative policies, as the
Bank of Japan set a target yield of 0% for their 10-year government bond, while the Federal
Reserve (‘the Fed’) decided to hold short-term rates and lowered their longer term interest rate
projections as seen through the ‘dot plot’. Meanwhile, an initial agreement by Organization of
the Petroleum Exporting Countries (‘OPEC’) to cut production later in the year drove oil prices
close to $50/barrel by quarter-end.
The fourth quarter of 2016 rounded out an impressive year for the high yield asset class. Similar
themes were apparent through year-end, although the market was met with bouts of volatility
stemming from fluctuations in commodity prices and interest rates. Specifically, oil prices fell
7% during the final week of October and finished under $47/barrel, as production cut discussions
stalled between OPEC nations, which sparked doubts among investors. In November, the high
yield market posted negative returns due to a sharp rise in US Treasury rates following the
presidential election, which pressured the more rate-sensitive, higher end of the credit quality
spectrum. The commodity environment in November was also volatile due to uncertainties
around an OPEC production agreement. However, OPEC reached an agreement to curb output
on 30 November, which sent oil prices meaningfully higher into month-end. In December,
general risk-on sentiment due to anticipated fiscal stimulus and economic growth under a Trump
administration buoyed the asset class into year-end. In this environment, the asset class saw
significant inflows during the month and ended the year with $6.9 billion worth of inflows.
The global high yield market began 2017 with favorable returns in a significantly different
environment relative to last January. The strong start to the year was led by continued risk-on
sentiment from investors, while global economic data remained favorable. Additionally, oil prices
were relatively steady in the $50/barrel range throughout the month; further supporting the
rally in commodity sensitive credits. As a result, yields fell and spreads tightened into the end of
the reporting period.
In this environment, the global high-yield corporate bond market, as measured by BofA Merrill
Lynch Global High Yield Investment Grade Country Constrained Index (hedged to GBP), posted a
return of 4.63% for the 6 months ended 15 February 2017.
Outlook and Strategy
Our overall view on the high yield asset class remains generally positive. The fundamental
landscape of high yield issuers in the US still appears stable, and should benefit from the
prospects of deregulation, fiscal stimulus, and the potential for higher economic growth. In
Europe, accommodative monetary policy continues to act as a tailwind for the credit markets
despite overall slow growth in the region, while volatility has been benign to start the year.
Overall default levels are generally stable and the US default rate excluding commodity
sensitive companies is only 0.80% as of the end of January. From a valuation standpoint,
although spreads tightened substantially throughout the year, they continue to look fair as the
fundamental landscape is generally stable and the search for yield persists. With that being
said, risks to our constructive outlook include a more aggressive Fed hiking cycle, instability
in Europe due to upcoming elections, commodity price depreciation, and/or a lack of policy
follow-through from the Trump administration. Overall, our positioning is consistent and we will
continue to capitalize on relative value opportunities in the primary and secondary markets.
Canada Life Asset Management Limited
Investment Manager
10 March 2017
Buying and Selling Shares
The ACD will accept orders to deal in the shares on normal business days between 8.30am and
5.30pm (London time) and transactions will be effected at prices determined by the following
valuation. Instructions to buy or sell shares may be either in writing to: PO Box 389, Darlington
DL1 9UF or by telephone on 0345 606 6180.
Reports and Accounts
This document is a short report of the CF Canlife Global High Yield Bond Fund for the half year
ended 15 February 2017. The full Report and Accounts for the Fund is available free of charge
upon written request to Capita Financial Managers Limited, 40 Dukes Place, London EC3A 7NH
and can be found on the ACD’s website, www.capitafinancial.com, by following the link ‘Fund
Information’.
Other Information
Performance Review/Fund Activity
From a sector perspective, security selection in gaming, lodging & leisure, telecommunications,
and paper & packaging were top contributors to relative returns. On the other hand, security
selection in energy, healthcare, and industrials were top detractors to relative returns. At the
issuer level, an overweight allocation to EP Energy contributed to relative returns, as commodity
sensitive names generally outperformed during the reporting period. Additionally, an overweight
allocation to Sprint Communications benefited relative returns due to favorable earnings and
14
outperformance from the lower end of the credit quality spectrum. An overweight to Scientific
Games also contributed to returns during the period amid strong earnings and efforts to
reduce costs. Top detractors at the issuer level included an overweight to Milagro Oil & Gas.
Additionally, an overweight to Concordia International weighed on returns amid weak earnings
and regulatory pressures. An overweight to Neiman Marcus also detracted from relative returns
during the period, reflecting weakness in the retail sector.
CF Canlife Global High Yield Bond Fund
Shareholders in CF Canlife Global High Yield Bond Fund (a feeder UCITS) may obtain a copy of
the annual and half-yearly long and short reports of the Master UCITS namely ‘Putnam Global
High Yield Bond Fund’ free of charge on request from the ACD.
The information in this report is designed to enable you to make an informed judgement on the
activities of the Fund during the half year it covers and the results of those activities at the end
of the half year.
CF Canlife Global High Yield Bond Fund
15
AUTHORISED CORPORATE DIRECTOR (‘ACD’)
Capita Financial Managers Limited
Head Office:
40 Dukes Place
London EC3A 7NH
Telephone: 0870 607 2555
Fax: 0870 607 2550
Email: enquiries@capitafinancial.com
(Authorised and regulated by the
Financial Conduct Authority)
DIRECTORS OF THE ACD
C. Addenbrooke
N. Boyling
B. Hammond
P. Hugh-Smith
K.J. Midl
INVESTMENT MANAGER
Canada Life Asset Management Limited
Canada Life Place
High Street
Potters Bar
Hertfordshire EN6 5BA
(Authorised and regulated by the
Financial Conduct Authority)
DEPOSITARY
BNY Mellon Trust & Depositary (UK) Limited
The Bank of New York Mellon Centre
160 Queen Victoria Street
London EC4V 4LA
(Authorised and regulated by the
Financial Conduct Authority)
1606 – SF – 15/04/2017
REGISTRAR
Capita Financial Administrators Limited
Customer Service Centre:
Arlington Business Centre
Millshaw Park Lane
Leeds LS11 0PA
Telephone: 0345 922 0044
Fax: 0113 224 6001
(Authorised and regulated by the
Financial Conduct Authority)
INDEPENDENT AUDITOR
Ernst & Young LLP
25 Churchill Place
Canary Wharf
London E14 5EY
MASTER FUND
Putnam Global High Yield Bond Fund
(Regulated by the Irish European Communities
(Undertakings for Collective Investment in
Transferable Securities) Regulations)
MANAGER OF THE MASTER FUND
Putnam Investments (Ireland) Limited
TRUSTEE OF THE MASTER FUND
State Street Custodial Services (Ireland) Limited
INVESTMENT ADVISOR OF THE MASTER FUND
The Putnam Advisory Company, LLC
AUDITOR OF THE MASTER FUND
PricewaterhouseCoopers